you trish, the president still talking at that immigration roundtable that's happening out on long island. we are still monitoring for any news that comes out. we will bring it to you right away. the president has been focusing on the dangerous and violent gang ms 13. he repeated his comments from earlier this month calling them gang members animals and demanding congress fix loopholes in the nations immigration law. now, whether present was talking immigration, secretary of state mike pompeo was getting it done in the nations capital.

he was meeting with his chinese counterpart in the last hour and testifying on capitol hill this morning. he discusses everything from trade to security, to a meeting with north korea saying a bad deal is not an option. geopolitics on the minds of all investors. this is coming as regional and banks are deliberating after the house passed the dodd frank rollback. it's about time. we look at how this will help the smaller banks. we got all in the next hour. then on wall street, markets reversing course after the fed signaled another rate hike next month. take a look at this. we have double digit selloff before the market opened. not anymore. it's positive and were less than an hour to the close of the bell. i'm in for liz. start the countdown.

>> we have breaking news right now. the u.s. justice department just came out with a statement saying it disagrees with the federal judge ruling that workers president trump to unblock some twitter users. a spokeswoman just said the agency is considering its next steps. we will bring you more headlines as it comes. taking a look at twitter, as you can see it's up about 53 cents but a lot of back-and-forth with the president and his team and of course his activity on twitter. he is very active on twitter as you know. take a look at wall street. stocks are fighting for gains and now they've got them, every single major index is positive. remember, we had a massive selloff in the beginning. thank you for turning things around at 2:00 p.m. eastern time those comments from the fed really brought back the market. less interest rates means a

happier wall street for the dow was up 14%. we been down as much is 167. let's look at the biggest movers we're watching. this is when general electric is currently the worst performer in the dow. it's down more than seven and a quarter percent. it's heading for its worst day of the year of 2018. the ceo of the conglomerate john flannery has warned investors he expects no profit growth this year. they've already got that struggling powered business. they declined comment about the possibility of a dividend cut that has been reported. retail is shining bright at this hour. two luxury brands are leaving the charge on s&p 500. tiffany's hitting a record high after reporting higher forecasts and $1 billion share plan that you have), results of investments due to improving margins.

those are two high-end brands that flows are surging after they reiterated their forecast for hedge fund manager built a $1 billion stake in the company. take a look at lowe's. if the tenant percent. but we also watching to his own life pictures from bethpage new york. he's on long island, holding a roundtable discussion homeland security facility. a major focus of this has been the ms 13 gang which is causing destruction and havoc in communities across the nation. what was your biggest take away from a roundtable today? >> cheryl, i think president talking about some of the immigration that he says needs to be closed, spoke about the

tax relief and then he talked about how they are caught and released and many to be) in terms of ms 13 we got into the details come out on long island it's been absolutely brutal. stabbings, machetes, beheadings and the president talked about some of those things in detail. he also wants to get members of the -- referred to members of the gang as animals. take a listen to them animals the other day and i was met with they said they are people. these are animals. >> outside of the event which is where we are right now, short time ago there were protesters gathered, mostly from similar local immigrant rights groups

and they said they agreed that the gang problem long island is a problematic to be fixed but they disagree on the approach, especially with the leader. >> we are here to defend everyone's humanity. the language he is using is unacceptable that it doesn't to solutions and is causing more division in the community. >> peter is among the republican congressmen here. [inaudible] several republicans have addressed the group as well. tom swati office that he was not

invited but he would've attended had been invited. that was from god. this is something that's been going on for a long time. the president was here last july for a similar event on long island talking about immigration and ms 13. >> we are looking at the life pictures next to you. the president is thinking the victims brave enough to speak out about some of the atrocities that have happened to them under the grip of ms 13 and what these gangs are capable is very disturbing. peter king is next to him, wrapping this up, any news that comes out of the roundtable, anything the president said, will bring it to you. we will monitor this out in bethpage. i also look at markets for this was big. the five minutes show that a rate hike is in the cards for june. that's if the economy performs as expected. the target rate is between 150 and 175 basis points. i want to bring in our panel to

talk about all that has happened. matt, i think what was so interesting is you have a double digit selloff and the fed comes along, you read the minutes and you see something that maybe they're not so apt to act and that's good for all of us. >> absolutely. the policies they've had in place for so many years are always going to be good for the market. we saw the market rebound sharply and you have some news out of trump saying our representatives are meeting with the chinese representatives so maybe the trade talks is coming to some kind of head you get both of these involve and you get market that will rally. we've been stuck in the stipends for so long, we need something to break us out. maybe we get some of it coming soon. >> larry, let me ask you. going into the minutes was geopolitical concerns. where are we with the chinese on

trade #we have a little more positive rhetoric coming out of washington and the president also the issue of north korea in the summer, there are still mixed messages. how you play that as an investor from a day-to-day perspective. >> you just have to almost ignore it because there's so many moving pieces. north korea really is the big one. i think china hinges on what happens in korea. the week of june 11 will tell. it's easy to get scared and bail out with are so many unknowns. we know the macros letter is still decent, burning season was decent, and we have a good floor in the stock market. we've absorbed higher rates of 3% and the market really hasn't flinched a whole lot. i would just sit still and wait for this to play out. >> also were looking at the contract and the first wci, especially on the wti there was

a call back here looks to me like it so meetings that moving the oil market. >> i think news is moving around a lot. i still believe this rally in oil. i think the iranians will be able to sell all the oil they can pump out, whether it's to china or their proxies, you can better buy that oil. as far as the five minutes ago, where is the wage inflation #that's what i'm looking for. again we have a fad that said if the economy performs to these benchmarks that we've said, and remember janet yellen said that for the last three years and always had an excuse not to raise rates. i was hoping this that would stick to its word and stick to its parameters. guess we'll find out in june but they just keep kicking the can down the road and i don't think that's good news overall.

>> we will look at the potential of the output. you have supply concerns from venezuela which i think is more important than iran. i do think that economic story plays into that contract. >> i think of to make a distinction, and you made here really well. there's a distinction between the summer driving season and gasoline prices and oil that's refined versus just oil itself. i think there's plenty of oil around the world. but capacity is really tight right now. push-up in oil, another five dollars here and back, it will be interesting to see if gas prices pulled back as well goes on and i guarantee you the summer they won't. >> i have to agree, we've seen a big run-up in the past three weeks on retail gasoline. here comes summer. thank you to all of you.

i appreciate it. >> thank you. >> take a look at this. merck is among the leaders on the dow 30 after results show that the lung cancer drug is being used in late stage cancer trial process good news that is up to the house has for the sam on the rollback of financial regulations known as frank. you know well. now is headed for the president that. how will this help community banks #powerful credit union? rethinking that three next on countdown.

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or hospital that takes medicare patients. and there's a range of plans to choose from, depending on you needs and your budget. so if you're turning 65 soon, call now and get started. because the time to think about tomorrow...is today. go long. >> it's been a decade since the financial crisis. in a bipartisan effort congress has voted to dismantle key parts of the 2010 dodd frank act designed to regulate banks in the wake of a crisis what exactly does that economic growth, and regulatory believe in consumer protection program do? it eases regulations on bigger banks. consumers will have the right to free credit freezes. one group, very happy with the

bill, credit unions. joining me now on a five business exclusive is the ceo and president of the association. >> is a great day. yesterday was very impactful. the bill that passed was literally years in the making. we have to give credit to president trump really setting the table and allowing the happen. his focus on regularly for main street businesses and financial since you spoke with president trump about a month ago he spoke with congress last week. you had some key players in the support of this. obviously you feel like you've been hurt, but what does this mean for the industry? what does this mean for credit unions? so many have gone out of business under dodd frank. >> we lose about a credit union a day. it's mostly because of the regulatory burden is so expensive to deal with all the

regulations. for us, this releases a lot of the burden. it's a really good first step germany bowen hensley took the ball really iran with it in a bipartisan fashion. this is about main street financial institutions being able to help main street businesses. it's not about wall street or the big banks, it's about helping the plumber in allentown pennsylvania or in virginia or the fishing guy in key west florida to grow their businesses. that's what this is all about, helping small businesses grow and for the american consumers to start new businesses. >> you mentioned small businesses. obviously a key piece of this economy and that's very good news. what about mortgages? anybody who went out and tried to buy a home in the past decade realized it was a regulatory redtape massive destruction. this could be really good for

those who do have the lending capacity. >> absolutely correct. the focus is really helping hard-working americans across the country to be able to get the lending products they need whether it's mortgages or small-business loans. that was the entire focus, the entire catalyst starting with president trump, starting with the bipartisan effort in the senate and house print was on the focus to make it easier so more people could own their first home or start their first business or grow their existing business. >> and mentioned earlier, we've seen so many credit unions close up. they just couldn't compete. a big bank like j.p. morgan, they can afford lawyers, but small banks and credit unions can't afford the legal teams you need or have needed in the past to get through dodd frank. do think we will see new names pop up? new credit unions will come to pass and get revived. >> we are hoping new credit unions will start, but for the existing ones, this was a

tremendous bill that was passed, hopefully signed soon by president trump into law so new credit unions can start a new lenders can start but more importantly, for the existing lenders out there, it allows them to provide more mortgages, more capital and more lending in their communities. we represent 110 million american consumers from coast to coast. this really helps them. >> what you think happens next and what do you want to see happen? it's not a perfect world. we still have a lot of regulatory hits for banks and credit unions. what are we missing? what's the not engine next step. >> two things. it's well known. you reported reported on an as is others. they recognize that credit unions didn't cause the crisis. they want the bad guys through

all this. [inaudible] we want to see credit unions exempt. they want they should be exempt from the consumer protection bureau. secondly, we would really love to see this cfp be run by a board or commission because more eyes on it, while the rules are being promulgated will make things more robust and better discussion. >> that's a really good point. to your earlier point, credit unions didn't create all this problem that we went through a decade ago. keep us posted. >> well, speaking of all the stocks we've been watching the financial stocks but take a look at the big board. the dow is down two points. remember we were down double digits today before the fed

minutes. what a reversal. we were actually positive a few moments ago but will play on this for a little bit and see how we close. we are also looking at hp enterprise. they reported poor growth expectations. that's its biggest one-day decline since it split from hewlett-packard. it's a loss of the dollar 89. coming up next, north korean nuclear weapons, sonic attacks, south china sea bombers and global trade, all topics and secretary of state mike pompei pales meeting with his chinese foreign counterpart. blake berman will be live from the lighthouse with breaking headlines. countdown is coming right back from brighthouse financial,

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>> breaking news out of a meeting between u.s. secretary

of state mike pompeo and china's foreign minister. pompeo said the u.s. expects all countries including china to fully implement commitments on north korea while while the chinese president. [inaudible] they believe it will take place as scheduled. blake has all the details from bo whitehouse. geopolitical concerns have really been hurting the market. >> one of the questions is this issue of security that president trump has said that the u.s. or the world would be able to provide for kim jong-un. should there be a deal brokered with north korea at this meeting between mike pompeo and his chinese counterpart, the foreign minister sang that china would address legitimate security concerns of north korea at an appropriate time. it's one of the tricky items that remain heading into the possibility of talks.

been a busy day for pompeo. he started off testifying on the hill. he said the u.s. would walk away from a deal if it was a bad deal. pompeo also said the u.s. would not agree to any concessions going into the steel. the secretary of state has met with the north korean dictator kim jong-un twice face-to-face and said that he fully understands the economic consequences of what could be to come. >> has shared candidly that he understands that economic growth for his people and the well-being of his people depends on the strategic shift. we hope he is prepared to make that. our demands have been unambiguous. >> president trump suggested that maybe this meeting might not happen on june 12, but he

went even further by saying potentially it might not even happen at all. the president appeared a bit more bullish earlier today. >> it could very well happen. whatever it is, we will know next week about singapore. if we go, i think be a great thing for north korea. someday a day will happen. they could very well be june 12. >> the administration is at least preparing as if this might happen. multiple white house officials tell fox that top administration officials are heading to singapore to set the agenda and logistics. >> we are all waiting to hear. the chinese president made it sound like it will happen. we shall see, as the president likes to say. i walk around the white house nowadays and people asked me how it's going and i say will see what happens. >> in the drain the swamp joke

that's happening on the white house. >> thank you very much. markets have been kind of hanging in the balance over what he was just reporting on. what's happening with north korea and china. the dow is up five. s&p is up 4.5. nasdaq is up 32. we'll see how it goes in the next 30 minutes. also i'm next, yesterday president trump said he is not happy with the china trade negotiations. today he sent a cryptic tweet about changing the way trade is done. we will try to read between the lines for you, coming up next on countdown

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made constructive and positive progress. sources say china will import record amounts of u.s. oil and more slight. all of this is the president tweeted this had scratcher. he said our trade deal with china is moving along nicely, but in the end we will probably have to use a different structure and this will be too hard to get done and verify results. help me make sense of that, the president of the national committee on u.s. china relations. steve. you tell me what this means to you. it seems pretty quick cryptic. >> i think he saying or making progress on the bilateral trade deficit. we will see some level of production could you mention soybeans and energy exports. i would think we will see reduction in tariff wil which wl

lead to manufacturing exports. what that means over a two or three-year. it's probably 60 or 70 billion of additional u.s. exports which is great but it doesn't deal with the enormous bilateral trade deficit. >> this $200 billion number that the administration is stuck on, many analysts has said it's actually meaningless that were focusing on the wrong thing. >> it is meaningless to focus on bilateral trade deficit doesn't make any sense. no serious economists think it's a way to measure progress in the trading relationship. we should really look at a ratio of current account surplus to gdp. were trying to drop, from ten years ago 9% to now 1.5% which is a much more real measure. what president trump is referring to in the suite is ivr protection, forest technology transfers, and other issues that you can't solve by increasing

u.s. exports. >> is that what you meant by verify completion? is that what he meant. >> it's hard to know exactly what he meant. i think that's what he's talking about. how do you know when the force technology transfers have stopped. how do you know when ivr is sufficiently protected. i think you could establish metrics where you see significant progress in china but you have to establish those and they have to be sensible for the u.s. worker and business community and those who invest in china. >> many have said that it really doesn't address, intellectual property theft or the issue of u.s. companies doing business in china you have to share technology, that theft in my opinion so you think were focusing on the wrong things?

>> well, yes, i think were focusing on the wrong things. what we should be focusing on is reducing tariffs, reducing nontariff barriers so there's all sorts of regulatory issues which obstruct u.s. exports to china. they establish scientific regulations which aren't based on science, based on the fact that a chinese producer produces to this specification and the u.s. producer doesn't. things like that, when you can break down those kinds of barriers you make great progress but we've seen auto tariffs reduce, automotive parts reduced which are going to increase u.s. exports. you'll see tens of thousands of u.s. cars and suvs exported to china. >> and that's good news because the auto sector has been following this. i also wanted to ask you, you have such good experience in china and wilbur ross has a lot of experience in china but steve mnuchin's was over there, the chinese were here, it doesn't seemed like anything's getting done.

do you think wilbur ross is the person who could maybe move this negotiation forward. >> i wouldn't say things are getting done. i've been an opponent of the tariffs and now they appear to be in suspension so that's a good thing. we've seen the automotive tariffs reduced, we've seen opening of the financial services sector in china, we've seen progress in lifting equity caps in certain areas so it's not that nothing is being done. even i don't agree with the threats, maybe that were not implementing them as having a positive effect on u.s. china relations. >> we have some breaking news. steve, thank you so much for coming in. president trump is departing right now he's at the heliport and headed back to new york city from wall street. you will have dinner with

supporters before returning to the white house. he is on the move. real quick, taking a look at the market, the dow is positive by three points. volatility in the trump era, not for the faint of heart. one wall street veteran is saying you know what, hang on for the ride. he's making a big bet on all of this. plus charlie will be back with us in just a few moments. we'll be right back.

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some big breaking news charlie on goldman sachs, new jersey governor. >> remember it blew up under his watch and he faced a regulatory fine of $5 million. he was barred for trading in commodities, not regular stocks i should introduce you to charlie should my. >> yes. >> mainly barred from commodities, but he could start his own hedge fund and that's what he did. it's not news that he started his own hedge fund. that came out late last year and bloomberg did something earlier this year. here is the news is from popular sources close to the matter, we understand coors light had been pitching this for the next year, looking for new investors and it's fallen pretty flat. we understand investors are giving them the cold shoulder. he raised anywhere between 20,000,050,000,000.

not a lot. that's like zero. the way it was described to me, a big chunk of money of that very little chunk of money that he has raised came from mainly one investor. this thing is falling on its face but we should point out that it's not been a good year for any hedge fund. steve only raised 3 billion. lotta people are going out of those actively managed funds. and what's happening is a couple things. it's very hard to escape the ghost of mf global. people are still worried about him taking risks with their money and that's why he's getting a brushoff from a lot of investors. the mf global not only lost a lot of money on trade but people got scared. it was actually good trade if it would've lasted. the problem was it was a short-term, trade that when people sign 2010 it was based on

buying italian and spanish debt. people freaked out because the eurozone was under so much pressure and investors pulled their money out and got downgraded. then you remember something like a billion dollars of customer money they had went missing. most of that money came back. he took a huge hit. he's trying to make his redemption on this fund. this is something, i'm writing all this up for foxbusiness.com. it should be up early soon. he is a document that we obtained. we will disclose that coversheet. the document, and according to the investors i talked to did make a lot of sense.

there was really no mention in the document that what happened at mf global. i say most people consider that the elephant in the room. i think what was mentioned in pretty fine print was a settlement that he engaged in. a lot of people are saying when you come clean and tell us about that trade in your perspective on it. it is the elephant in the room. when you put all that together, people are scared, i'm not saying he's not a decent guy, he was a very good trader in his day but it's hanging over him and people are not giving him their money. his pr spokesman confirmed, i

asked him, i understand he hasn't raised virtually no mon money. he said we've raised tens of millions. i said that's virtually no money if you know anything about the hedge fund world. he said he thanks will have 50 million and that's still not much. the bid for redemption is facing a big-time battle. >> i want to repeat all of this is going up on the next few moments on foxbusiness.com. i have to talk about ge if you want to stick around. >> you know they told everybody to days ago that they may cut their dividend. we were the first to say that there's insiders inside ge talking about further cutting the dividend. now the ceo says it's in the

works. if you traded on what we set a couple days ago, you made a lot of money. >> it's of power business, not doing so well. >> it gets more than operating its cash flow. if you sell their engine business and you get $3 billion in cash but you really get like $2.9 billion in cash, that still doesn't do a lot for their cash flow. just remember this is all about cash flow with ge. the only way to improve this company is to get cash flow. one of the biggest, wet ally cash flow out of ge is the dividend. >> arrigo. kelly, thank you very much for a lot of breaking news. i hope everybody was tuning in. go to the website for all of charlie's work. the closing bell will ring in about nine minutes. it's the first day of fleet week. stocks will help the portfolio get into shipshape. countdown we'll be right back. it took guts to start my business. but as it grew bigger and bigger,

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the closing bell will be ringing in about seven minutes. we are actually pushing session highs. it was down triple digits. now the dow is at 25 and the s&p is up six and quarter. nasdaq is up 41. thank you fed minutes and the trade talk has been helping. let's look at netflix right now. shares of the video streaming giant hit an all-time high and the stock is on track for a record close 3.06 would be the number looking at. right now it's at 344.54. it's up almost $13. let's bring in the call. you probably have the right numbers back down there. >> you're right on the money. we are looking at netflix but you can see the numbers basically sitting at the high at 344 and half. that's well above its previous record close.

this will be the 22nd record close for netflix and it is the number one performer. stranger things, the crown, 13 reasons why, this week they have big news that they've signed on former president barack obama and first lady michelle obama to produce original television and movie programming. we know the company had lined up about 8 billion for the year for these type of ventures. you can see the stock has been running up this week and has had a win. it's up 110% over the last 52 weeks. >> really quick, when the fed minutes came out, what was the reaction on the floor? what a turnaround for the market. >> it's interesting. it's sort of one of those types where you get a lot of the fed talks, basically said they will continue those gradua gradual re

increases so they got what they were expected but there was a little uncertainty pertaining to trade. the big picture is everybody expects a rate hike in june and probably another one after that. pretty much what they accept elected. >> this mondays we talked about for rate hikes or more. this was nice to see those dove comments. nicole, thank you very much. >> taking a look at stocks, big turnaround. we are pushing session highs. we are at 35 points, 24870 on the dow. huge turnaround after those fed minutes. talk about trade easing some of those comments from the chinese president. he was with mike pompeo. we brought you that story early in the hour. it all brings positive sentiment that folks can figure out what they'll do when it comes to china or north korea. i want to bring in hank smith, a good friend, he has some stock picks. real quick, this market turnaround is pretty astonishi astonishing. >> and certainly is. it really is all about fundamentals. in this case, inflation is not

running away as the market is digesting interest rates that have moved up but they haven't spiked up and trade. it looks like we will get through may and june and not have a trade war that escalates. that's what the real fear for this market was. the fundamental are intact. i don't think they care too much about the geopolitical events. north korea is getting a lot of headline news. the market certain entrance really didn't react to that in 2017 and i don't think it will react those geopolitical events in 2018. >> we are approaching the holiday weekend and after that it's summer summertime. a lot of the trading desks empty out. what you think will be a good catalyst for the summer? i know you're bullish, but what do you think would be a good thing for the markets the summer versus a flat summer which nobody really wants. >> i think the big catalyst is getting this headwind of trade

uncertainty out of the way, and we should know in several weeks whether we will actually inflict tariffs in a tit-for-tat and i think this market will move fire based on the uncertainty being relieved. >> let's talk about industrial stocks. that is something that is affected by trade and where we go china and the tariff situation. do you like that group? tell me why? >> we definitely like that gro group. first of all, you have a synchronized global recovery, likes of which we haven't seen in decades. the u.s. economy is almost leading the way, plus you have tax reform, the repatriation of earnings on the physical side and increase spending. we haven't even gotten to infrastructure spending. that could be down the line. i think it all plays into the

industrial complex very nicely. >> we just showed microsoft and oracle, the new tech companies you're watching. not a big fan of retail. really quick, fed minutes came out today. what was your initial reaction? >> very positive. i don't think inflation is a concern. don't think the behind the curve in inflation. one more thing. let's take the fed at its word. you've had several governors say they are not going to invert the yield curve and i think that's very important. it will be a very gradual pace in terms of rising rates and the market will like that. >> and got about 20 seconds. inflation worries for you? >> i don't think so. you really have to see wage inflation get north of three and half percent, approaching 4%

before that becomes a problem and were nowhere near that and the biggest issue there, demographics are in the favor of low inflation. >> hank, thank you. we are closing at session highs. a huge comeback on the market. that is it for countdown. now a turnaround in wall street. they were turning green in the final hour of trading ending up. you can see that about 48-point after being down as much as i hundred 67 points earlier in the day. they also close in positive territory. this is good news we are glad you can join us. here is what else we are covering for you. president trump mad as hell about reports of the fbi in for dement was trying to end the trail -- infiltrate his campaign.